The new orders index declined, highlighting the pullback in demand.
The early hours of Monday have seen gold traders step into the market and buy the yellow metal again. However, the $2400 level continues to see a lot of noise and resistance, and therefore the pullback shouldn't be a massive surprise at this point in time.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Gold prices up as Middle East tensions escalate, U.S. yields drop, and investors look to Fed meeting for clues on future rate cuts.
Gold (XAU) prices hover near $2,400 as traders anticipate potential Federal Reserve rate cuts amid weakening Treasury yields.
Pan African Resources PLC (AIM:PAF, OTCQX:PAFRY, JSE:PAN, OTCQX:PAFRF) said gold production was186,039oz in the year to end June, within guidance and an increase of 6.2% year-on-year while its received gold price was its highest at US$2,021/oz. The gold miner added it expects Fairview Mine's 8.75MW solar photovoltaic generating plant to generate its first power next month and provide 15% of Barberton Mines' energy requirements, saving US$2.4 million annually.
Next week's Fed meeting pivotal for gold prices; rate cut hints and geopolitical risks could drive XAU/USD volatility.
Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
Gold remains between $2,356 and $2,391; a break below $2,353 suggests bearish continuation towards $2,332 and beyond.
Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties.